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Tata Steel seeks 500 million pounds govt bailout in UK: Reports
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LONDON : Tata Steel's UK arm is seeking an estimated 500-million pounds government financial package to survive through the coronavirus lockdown period, according to UK media reports.
Tata Steel, which owns the UK's largest steelworks in Port Talbot in Wales, is holding discussions with the Welsh government as well as the UK Treasury as it seeks the 50-million pounds cap set on loans being offered under the UK's Coronavirus Large Business Interruption Loan Scheme (CLBILS) to be lifted. "We continue to have ongoing discussions with Tata Steel about what support it needs to sustain a strong steel making presence in the UK and in Wales," a Welsh government spokesperson said.
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